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REGISTERED NUMBER: 00835726 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 October 2023

for

East Anglian Bearing Service Limited

East Anglian Bearing Service Limited (Registered number: 00835726)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


East Anglian Bearing Service Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: S J Ramsey
Mrs W I Ramsey





REGISTERED OFFICE: Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ





BUSINESS ADDRESS: 19-21 Great Whip Street
Ipswich
Suffolk
IP2 8EY





REGISTERED NUMBER: 00835726 (England and Wales)





ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

East Anglian Bearing Service Limited (Registered number: 00835726)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,402 14,820

CURRENT ASSETS
Stocks 38,953 38,973
Debtors 5 35,157 38,141
Cash at bank and in hand 77,226 61,722
151,336 138,836
CREDITORS
Amounts falling due within one year 6 68,936 52,941
NET CURRENT ASSETS 82,400 85,895
TOTAL ASSETS LESS CURRENT LIABILITIES 93,802 100,715

PROVISIONS FOR LIABILITIES 1,917 2,516
NET ASSETS 91,885 98,199

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Other reserves 1,750 1,750
Retained earnings 89,135 95,449
SHAREHOLDERS' FUNDS 91,885 98,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

East Anglian Bearing Service Limited (Registered number: 00835726)

Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





S J Ramsey - Director


East Anglian Bearing Service Limited (Registered number: 00835726)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

East Anglian Bearing Service Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of bearings and associated products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods and the raising of a sales invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.


East Anglian Bearing Service Limited (Registered number: 00835726)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022
and 31 October 2023 13,190 6,163 13,995 33,348
DEPRECIATION
At 1 November 2022 11,616 4,579 2,333 18,528
Charge for year 264 238 2,916 3,418
At 31 October 2023 11,880 4,817 5,249 21,946
NET BOOK VALUE
At 31 October 2023 1,310 1,346 8,746 11,402
At 31 October 2022 1,574 1,584 11,662 14,820

East Anglian Bearing Service Limited (Registered number: 00835726)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 33,193 36,293
Other debtors 1,964 1,848
35,157 38,141

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 12,069 13,246
Taxation and social security 13,984 8,365
Other creditors 42,883 31,330
68,936 52,941

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
S J Ramsey
Balance outstanding at start of year - 327
Amounts repaid - (327 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -